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Morses Club loan sales down as lockdown hits face-to-face lending

By BFN News | 10:06 AM | Thursday 17 September, 2020

Payday lender Morses Club experienced a decline in sales of 37.7% in the first half of the 2020-21 financial year. In a trading update published this morning, it reported sales of £51.2m in the 26 weeks to 31 August 2020, down from £82.2m in the same period last year. The decline was largely due to lockdown restrictions preventing face-to-face lending for several weeks. Repayment rates fell to 72.3% in April at the height of the lockdown, but have since recovered to 78.3% in August. The company reduced its debt level to £14m at the end of August, down from £34m in February 2020. Morses Club said the launch of a remote portal to aid customer interactions through the lockdown had been popular and accounted more than half of its loan volume in August. At 10:06am: (LON:MCL) Morses Club Plc share price was -2.95p at 50.05p Story provided by

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